Frequently asked questions
Read our most commonly asked questions about accessing your pension pot and buying a retirement income product.
Do I have to buy an annuity?
No, there are many different ways you can take your pension pot. More details about your pension options are provided in the retirement pack sent to you by Sun Life Financial of Canada. You don’t have to choose just one option – you can decide to take the benefits from your pension pots at different times or transfer them to another provider to access different options.
It's important to shop around and get as much guidance and advice as you need to help you make a decision about what's best for you. Other providers may also have more appropriate products or be able to offer a higher level of retirement income.
How will I know what to do?
You should read the retirement pack that Sun Life Financial of Canada has sent you, as this includes your fund value and outlines the options available to you.
It's important to shop around and contact other annuity providers to get comparative quotes, to see what they may be able to offer you as well.
We also recommend that you take advantage of the free and impartial guidance service set up by the Government, called Pension Wise a service from MoneyHelper. If you are then still unsure what to do, you should speak to a financial adviser. To find one in your local area visit unbiased.
Where can I find pension guidance advice?
Free impartial guidance
These organisations all provide free, independent guidance:
Financial advice from an adviser
A financial adviser can provide you with a personal recommendation to help you make the right retirement choice, for a fee.
If you don’t have a suitable adviser already, you can find one in your area at Unbiased.
You should make sure that they're authorised by the Financial Conduct Authority (FCA) and you can check this on the FCA register
The Silver Line
If you’re feeling overwhelmed or would like more general support, The Silver Line can offer information and advice.
The Silver Line
Phone: 0800 470 80 90
Age UK
Age UK offers free and impartial advice on money matters in retirement, including pension options.
Ageuk.
Phone: 0800 678 1174
Why should I choose Legal & General?
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with almost £1.2 trillion in total assets under management at 31 December 2023.
As of May 2024, we had over 1,011,000 annuity customers. In the 12 months to May 2024 we paid our customers over £3.29 billion in retirement income.
All Sun Life Financial of Canada customers who have a Guaranteed Annuity Rate (GAR) will be able to use this guaranteed rate when buying a Pension Annuity from us.
Can I buy a Pension Annuity or Cash-Out Retirement Plan without going through a financial adviser?
You can buy our Pension Annuity or our Cash-Out Retirement Plan directly from us. If you have your Sun Life Financial of Canada fund value and you know what you want, you can get a quote online.
Alternatively, if your plan has a Guaranteed Annuity Rate or Guaranteed Minimum Pension, you should contact us on 0800 316 3062 for a quote and, where appropriate, an application pack.
Can I keep my Sun Life Financial of Canada Guaranteed Annuity Rate?
If you have a Guaranteed Annuity Rate with Sun Life Financial of Canada, you can use this when buying a Legal & General Pension Annuity that has not been enhanced based on your health risks or medical conditions.
You won't be able to use a Guaranteed Annuity Rate if you choose to buy a Cash-Out Retirement Plan.
The retirement pack sent to you by Sun Life Financial of Canada explains a bit more about this guarantee.
Where will my income be paid?
Your income will normally be paid into your UK bank or building society account. You must be named as either the account holder or joint account holder. All payments will be made in British pounds sterling (GBP).
For Pension Annuity customers we can arrange for payments to be made to an overseas account if requested, but there will be a charge for converting your payment from sterling to the required currency. The charge will be deducted from each payment instalment.
What happens if I change my mind?
If you apply for our Pension Annuity, you have 30 days from the date you receive our confirmation that your annuity has started to change your mind. If you don't cancel within this period, you won't be able to cancel at a later date or change your annuity payments. If you do decide to cancel, you'll need to return any annuity payments we've made to you.
If you apply for our Cash-Out Retirement Plan, you have 30 days from the date you receive our confirmation that your plan has started to change your mind. If we’ve paid you any income, you’ll need to return this to us.
Please refer to the product Key Features and Terms and Conditions for more information.
To cancel either plan you should write to us at:
Legal & General Retirement
PO Box 809
Cardiff
CF24 0YL
What happens at the end of my Cash-Out Retirement Plan term?
You don’t need to do anything at the end of your plan. When it reaches its end date it will close and no further payments will be made. We’ll write to you confirming that your plan has closed.
If you don’t have any other source of income or savings, or you feel you need help, we strongly recommend you seek guidance and advice.
What happens to my retirement income product when I die?
If you've selected a dependant’s income on your Pension Annuity, we’ll continue to pay income to your surviving spouse, registered civil partner or financially dependent partner for the rest of their life. If you’ve selected a guaranteed minimum payment period, we’ll continue to pay your income to your estate or any other person you specify until the end of your chosen period.
If you have a Cash-Out Retirement Plan and you die before the end date of the plan, we'll continue to pay the income to your beneficiary, or to your estate, until the end of the plan term. Alternatively, they may be able to take the remaining income as a lump sum payment.
